Download 1 - Society for Economic Dynamics

Data Appendix
Introduction: Great Depressions of the 20th Century
by Timothy J. Kehoe and Edward C. Prescott
Raw Series
Source
1. Argentina, Real GDP Volume (1995=100)
2. Brazil, Real GDP Volume (1995=100)
3. Chile, Real GDP Volume (1995=100)
4. Mexico, Real GDP Volume (1995=100)
5. Switzerland, Real GDP Volume (1995=100)
6. New Zealand, Real GDP Volume (1995=100)
7. New Zealand, Real GDP constant $US (1990=100)
8. Argentina, Population 15-64
9. Brazil, Population 15-64
10. Chile, Population 15-64
11. Mexico, Population 15-64
12. New Zealand, Population 15-64
13. Switzerland, Population 15-64
IFS, 21399BVPZF...
IFS, 22399BVPZF...
IFS, 22899BVPZF...
IFS, 27399BVRZF...
IFS, 14699BVRZF...
IFS, 19699BVRZF...
WDI, 2001
WDI, 2001
WDI, 2001
WDI, 2001
WDI, 2001
WDI, 2001
WDI, 2001
IFS denotes International Financial Statistics and WDI denotes World Bank
Development Indicators, 2001.
Constructed Series
Raw Series Used
1. Canada, detrended output per person
2. France, detrended output per person
3. Germany, detrended output per person
4. United States, detrended output per person
5. Argentina, Detrended output per working age adult
6. Brazil, Detrended output per working age adult
7. Chile, Detrended output per working age adult
8. Mexico, Detrended output per working age adult
9. Switzerland, Detrended output per working age adult
10. New Zealand, Detrended output per working age adult
11. New Zealand, Detrended output per working age adult
see Amaral-MacGee
see Beaudry-Portier
see Hornstein-Fisher
see Amaral-MacGee
1, 8
2, 9
3, 10
4, 11
5, 12
6, 13
7, 13
Construction of Series Used in the Paper
Figure 1: Detrended output per person during the Great Depression
The data for Canada are real GDP per civilian older than 14. The data series for
real GDP are from Statistics Canada National Income and Expenditure Accounts 19261986, and population older than 14 are both taken from Historical Statistics of Canada.
The data from France are real GDP per capita from Beaudry-Portier. The data for
Germany are real GDP per capita from Hornstein-Fisher. The data for the United States
are real GDP per person older than 16. The real GDP series is from Kendrick (1961).
The population older than 16 series is from Bureau of the Census (1965).
The series were detrended according to

Yd (t )  Y (t )  / Y (1928)* 1.02 
t 1928
.
where Yd(t) denotes the detrended series, Y(t) is the undetrended series and the trend is 2
percent.
Figures 2, 3 Detrended output per working-age person
The series reported in the figure were constructed using the raw data series (1)(12) listed above. Real output per capita is the ratio of the index of real GDP volume
divided by the working population. The working age population for 2000 was estimated
using linear extrapolation.
The series were detrended according to

Yd (t )  Y (t )  / Y (T0 )* 1.02 
t T0
.
where Yd(t) denotes the detrended series, Y(t) is the undetrended series, T0 is the base
year, and the trend is 2 percent.
Note that the New Zealand series reported in Figure 3 (constructed series (13)) is
real GDP in 1990 U.S. dollars This was erroneously reported in the paper as real GDP in
constant domestic prices (constructed series (10)) per working age adult. The main
difference between the two series is that the constant domestic price series (10) indicates
that New Zealand did not do as poorly in the second half of the 1980s as the real U.S.
dollar series indicates. Notice, however, that the period 1973-1992 still satisfies the
criteria of being a great depression defined in the paper.